National Oilwell Backlog Increases with Rig Orders

National-Oilwell, Inc. announced that it has received an order from Pride International, Inc. for three new 1100 horsepower mobile drilling rigs and two high-performance workover rigs. Pride has contracted these rigs for exploration and development activity in Central Africa with initial operations planned to commence in the latter half of 2001.

Pete Miller, president and chief operating officer of National Oilwell, stated "We are gratified that Pride has awarded this order to National Oilwell and look forward to continuing our long-standing relationship. As evidenced by this order, the market for capital equipment remains robust for both land and offshore new build and refurbished rigs. We currently expect our year end backlog for capital equipment to exceed $250 million, up from $180 million at the end of September."

National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.